Aliko Dangote’s wealth has surged to $23.9 billion, nearly doubling from last year’s $13.4 billion, Forbes reports.
The rise, driven by his majority stake in the Dangote Petroleum Refinery & Petrochemicals, restores him as Africa’s richest man and places him 86th globally.
The $23B Lagos refinery, Africa’s largest, processes 650,000 barrels of crude daily and produces 3M metric tons of urea annually.
Nigerian business mogul Aliko Dangote has nearly doubled his fortune, with his net worth surging to $23.9 billion, according to Forbes.
This sharp rise cements his status as Africa’s richest man and places him 86th on the global billionaires list, a remarkable leap from 144th last year when he was worth $13.4 billion.
The growth is largely credited to Dangote’s 92.3% stake in the $23 billion Dangote Petroleum Refinery & Petrochemicals, a mega-project in Lagos that is now fully operational.
At 67, Dangote returns to the top 100 richest people worldwide for the first time since 2018. His closest African rival, South Africa’s Johann Rupert, is ranked 161st with $14.4 billion, while Nigerian billionaire Mike Adenuga sits at 481st with $6.8 billion.
The Lekki-based refinery, spanning 6,200 acres, has a processing capacity of 650,000 barrels of crude oil daily, making it the largest in Africa and the seventh-largest globally. Its petrochemical complex also produces up to 3 million metric tons of urea annually, solidifying its role as Africa’s biggest fertilizer producer.
Speaking to Forbes, Dangote described the project as his boldest gamble yet:
“We have to build our nation by ourselves. We have to build our continent by ourselves, not rely on foreign investment. It was the biggest risk of my life. If this didn’t work, I was dead.”
